American Tower Corporation $AMT Stock Sold by Perpetual Ltd

Key Points

• Perpetual Ltd cut its American Tower stake by 6.3% in the third quarter, selling 22,714 shares and retaining 340,667 shares valued at approximately $55.8 million. Institutional investors collectively own 92.69% of the company.
• Analyst sentiment remains positive, with American Tower carrying a consensus “Moderate Buy” rating and an average price target of $215.48, above its reported opening price of $182.28.
• American Tower reported quarterly earnings of $2.71 per share, beating estimates of $1.57, while revenue rose 4.6% year over year to $2.75 billion. The company also announced a $1.79 quarterly dividend, representing a 3.9% annualized yield.

Perpetual Ltd reduced its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 6.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 340,667 shares of the real estate investment trust's stock after selling 22,714 shares during the quarter. Perpetual Ltd owned 0.07% of American Tower worth $55,764,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of AMT. Twin City Private Wealth LLC grew its position in shares of American Tower by 0.7% in the 4th quarter. Twin City Private Wealth LLC now owns 7,799 shares of the real estate investment trust's stock valued at $1,382,000 after purchasing an additional 58 shares during the period. Asset Advisory Group Inc. raised its holdings in American Tower by 3.0% during the 1st quarter. Asset Advisory Group Inc. now owns 2,072 shares of the real estate investment trust's stock worth $358,000 after buying an additional 60 shares during the period. Anchor Investment Management LLC raised its holdings in American Tower by 2.7% during the 4th quarter. Anchor Investment Management LLC now owns 2,351 shares of the real estate investment trust's stock worth $413,000 after buying an additional 62 shares during the period. Community Financial Services Group LLC raised its holdings in American Tower by 1.2% during the 2nd quarter. Community Financial Services Group LLC now owns 5,388 shares of the real estate investment trust's stock worth $895,000 after buying an additional 65 shares during the period. Finally, Sunburst Financial Group LLC lifted its stake in American Tower by 3.5% in the second quarter. Sunburst Financial Group LLC now owns 1,933 shares of the real estate investment trust's stock valued at $316,000 after buying an additional 66 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Activity at American Tower

In other American Tower news, Director Rajesh Kalathur purchased 2,829 shares of American Tower stock in a transaction that occurred on Friday, August 21st. The stock was acquired at an average price of $177.00 per share, for a total transaction of $500,733.00. Following the completion of the acquisition, the director owned 7,765 shares of the company's stock, valued at approximately $1,374,405. This trade represents a 57.31% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Ruth Dowling sold 1,106 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total value of $193,505.76. Following the transaction, the executive vice president directly owned 27,711 shares in the company, valued at approximately $4,848,316.56. This trade represents a 3.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 6,791 shares of company stock worth $1,204,091. Insiders own 0.08% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Scotiabank reiterated an "outperform" rating on shares of American Tower in a report on Wednesday, July 29th. Mizuho set a $208.00 price objective on shares of American Tower in a research report on Thursday, August 20th. Royal Bank Of Canada upgraded shares of American Tower from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock from $195.00 to $205.00 in a report on Friday, June 26th. Barclays boosted their price objective on shares of American Tower from $198.00 to $199.00 and gave the company an "overweight" rating in a research report on Wednesday, September 30th. Finally, TD Cowen upped their target price on shares of American Tower from $225.00 to $227.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $215.48.

American Tower Price Performance

Shares of AMT opened at $182.28 on Tuesday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 3.12. The company's fifty day simple moving average is $172.80 and its 200 day simple moving average is $175.05. American Tower Corporation has a 1-year low of $160.06 and a 1-year high of $196.08. The company has a market cap of $84.94 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 2.93 and a beta of 0.88.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $1.14. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The firm had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same quarter last year, the company posted $2.60 earnings per share. The company's revenue for the quarter was up 4.6% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. On average, research analysts forecast that American Tower Corporation will post 10.80 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th will be paid a $1.79 dividend. This represents a $7.16 annualized dividend and a yield of 3.9%. The ex-dividend date is Wednesday, September 30th. American Tower's dividend payout ratio (DPR) is 98.49%.

American Tower Profile

American Tower Corporation NYSE: AMT is a global real estate investment trust that owns, operates and develops communications infrastructure. Its portfolio includes wireless and broadcast towers, rooftop sites, distributed antenna systems and other facilities that support wireless communications, television and radio broadcasting, government communications and other connectivity services.

The company leases space on its communications sites to wireless carriers, broadcasters, government agencies and other customers.

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